
Paramount Global (PARA) and Warner Bros. Discovery (WBD) CEOs Bob Bakish and David Zazlav met in New York on Tuesday to discuss a possible merger between the two media companies.
While the action was relatively muted for both stocks Wednesday after news about the meeting got out, Paramount’s options were unusually active, with 11 puts or calls with volume-to-open-interest (Vol/OI) ratios above 1.25. In contrast, WBD only had two yesterday that were unusually active.